Question

Define Accounting standards . What are the main objectives ? class 11th​

Answer 1

Accounting Standards (AS) are basic policy documents. Their main aim is to ensure transparency, reliability, consistency, and comparability of the financial statements.So the transactions of all companies will be recorded in a similar manner if they follow these accounting standards.

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Answer 2

Accounting standards are general policy files . Their major goal is to make certain transparency , reliability , consistency and comparbility of the monetary statements . They achieve this through standarizing accounting insurance policies and concept of a nation / economic system